URBANA, IL. A subsidiary of The Scion Group has acquired two student housing communities totaling 524 units with nearly 1,600 beds and serving both the University of Illinois and Parkland College. Formerly called Campus Connection and Lincoln View, Scion will invest nearly $2 million in renovations and will rebrand and manage the properties together as ONE North and ONE South. Scion now operates over 3,300 beds of student housing in Illinois and over 6,200 beds nationwide.
Located one mile north of the campus of the University of Illinois at Urbana-Champaign, the communities were constructed in 1997-1998; they feature one- through four-bedroom furnished apartments in a total of 33 residential buildings, plus extensive amenities including in-unit laundry, athletic courts, full workout facilities and a 14,000 square-foot clubhouse containing a junior-Olympic size indoor swimming pool. Scion completed the acquisition with assumed debt financing and nearly $5 million in private equity from its principals and self-syndicated investors. Scion will apply its marketing and operations expertise to reposition the properties as high-quality, amenity-rich and competitively priced.
The University of Illinois was founded in 1867; its flagship Urbana-Champaign enrolls approximately 42,300 students. Parkland College, a public community college located less than four miles from the acquired communities in Champaign, Illinois, enrolls approximately 18,000 students.